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answer
ACCT 505 Managerial Accounting
Week 2 Job Order and Process
Costing Systems Quiz Answer
ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems Quiz
Set 1
1. Question : (TCO F) For which situation(s) below would an organization be more likely to
use a job-order costing system of accumulating product costs rather than a process
costing system?
: A steel factory that processes iron ore into steel bars
A factory that processes sugar and other ingredients into black licorice
A costume maker that makes specialty costumes for figure skaters
All of these
2. Question : (TCO F) Process costing would be appropriate for each of the following
except:
: custom furniture manufacturing.
oil refining.
grain milling.
newsprint production.
3. Question : (TCO F) Lucas Company uses the weighted-average method in its process
costing system. The company adds materials at the beginning of the process in the
Forming Department, which is the first of two stages in its production process.
Information concerning operations in the Forming Department in October follows:
Units Material Cost
Work in process on October 1 6,000 $3,000